Rates and Allowances Archives - BFMS Accountants and Business Advisers

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Covid-19 pandemic resulting in a loss

Extended carry back If your business has been adversely affected by the Covid-19 pandemic resulting in a loss, you may be able to benefit from the extended carry-back provisions to generate a tax repayment. For income tax purposes, losses for 2020/21 and 2021/22 can be carried back for up to three […] The post Covid-19 pandemic resulting in a loss appeared first on BFMS Accountants and Business Advisers.

Capital gains tax annual exempt amount 2021-22

For capital gains tax purposes, individuals are allowed to realise net gains (after deducting any capital losses) of £12,300 for 2021/22 tax-free. Where capital disposals are on the cards, if the annual exempt amount remains available, consider making the disposal prior to 6 April 2022 to utilise the 2021/22 annual exempt […] The post Capital gains tax annual exempt amount 2021-22 appeared first on BFMS Accountants and Business Advisers.

National Insurance 21/22

National Insurance rises Pending the introduction of the Health and Social Care Levy from 6 April 2023, Class 1 (employers and employees), Class 1A, Class 1B and Class 4 National Insurance contributions will all rise by 1.25% for 2022/23 only. This means that if you are an employee, you will pay […] The post National Insurance 21/22 appeared first on BFMS Accountants and Business Advisers.

New Making Tax Digital timetable

The long-awaited Income Tax (Digital Requirements) Regulations 2021 (SI 2021/1076) have now been published, alongside the announcement of a year’s postponement to the implementation of Making Tax Digital for Income Tax (MTD ITSA). We examine the practical implications of this here. New timescale for MTD ITSA Making Tax Digital for Income […] The post New Making Tax Digital timetable appeared first on BFMS Accountants and Business Advisers.

Autumn Budget Rates Allowances

The Chancellor, Rishi Sunak, presented his Autumn Budget and Spending Review on 27 October 2021 Dividend tax rates and allowances As part of the health and social care funding package, dividend tax rates are increased by 1.25% from 6 April 2022. As a result, for 2022/23, the ordinary dividend rate is […] The post Autumn Budget Rates Allowances appeared first on BFMS Accountants and Business Advisers.

Autumn Budget Income tax rates and allowance

The Chancellor, Rishi Sunak, presented his Autumn Budget and Spending Review on 27 October 2021 Income tax rates and allowancesAs previously announced, the personal allowance remains at £12,570 for 2022/23. The allowance is reduced by £1 for every £2 by which adjusted net income exceeds £100,000, such that anyone with adjusted […] The post Autumn Budget Income tax rates and allowance appeared first on BFMS Accountants and Business Advisers.

Super Deduction for Capital Expenditure

This new super deduction allowance is only available to Limited Companies chargeable to corporation tax What is it:- The super deduction is a first year allowance available on expenditure by companies on plant and machinery. It has no limit and is available from 1st April 2021. It is for businesses who want to […] The post Super Deduction for Capital Expenditure appeared first on BFMS Accountants and Business Advisers.

Off-Payroll Working

Off-payroll working rules extended The extended off-payroll working rules finally come into effect from 6 April 2021. From that date, the rules currently applying where the end client is a public sector body also apply where the end client is a medium or large private sector organisation. If you provide your […] The post Off-Payroll Working appeared first on BFMS Accountants and Business Advisers.

USE YOUR ALLOWANCES FOR 2020-21

Limited window for using your 2020/21 tax allowances Individuals are entitled to a number of allowances each year. However, many of them are lost if they are not used in the tax year to which they relate – it is not possible to carry most unused allowances forward. The 2020/21 tax […] The post USE YOUR ALLOWANCES FOR 2020-21 appeared first on BFMS Accountants and Business Advisers.

Residential stamp duty land tax threshold is increased temporarily to £500,000

The residential stamp duty land tax threshold is increased temporarily to £500,000 until 31 March 2021. Where completion takes place on or after 8 July 2020 and on or before 31 March 2021, no SDLT is payable on the first £500,000 of the consideration where the property is the only or […] The post Residential stamp duty land tax threshold is increased temporarily to £500,000 appeared first on BFMS Accountants and Business Advisers.

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